There Is No Doubt That Your Credit Report Contains A Lot Of Information That Can Have A Direct Impact On Your Lifestyle

Category: Finance, Credit.

There is no doubt that your credit report contains a lot of information that can have a direct impact on your lifestyle.

What do they see? It is also true that other people are reviewing your credit file and making judgments about you and your ability to repay. Should you be at all concerned about the information is included in your credit report? The information on your credit report can break you or make you and it does not go away overnight. You should be very concerned with the information included in your credit report because it has a direct impact on your life. Regularly reviewing your credit report is not only a great way to keep tabs on how well you are doing financially.

Did you know that 25% of credit reports contain errors that are serious enough to cause a denial of credit? It is also a great way to protect yourself from identity theft and credit reporting errors. Keep in mind that these are just the serious errors. Credit reporting agencies know that their system is not fool proof, so they have set in place avenues that people can use to have incorrect information removed from their credit report. More than three quarters of credit reports contain errors due to typing mistakes, misinformation and human error. But you can not have information removed if you do not know it is there in the first place. You are entitled to one free credit report from each of the three major reporting bureaus, Equifax and TransUnion, Experian, each year.

Most financial advisers recommend that you should review your credit report every 90 days or four times per year. So, that is three out of four, right? You see not all lenders report to all agencies. Not exactly. This means that your report from Experian could look completely different from a report issued by Equifax. The only way to know for sure is to pull all three reports and compare them at the same time.

One report might contain errors while the other is spot on. This should be done every 90 days. Keep in mind, that you may, though not be seeing the whole picture. If you absolutely cannot afford to purchase reports from the agencies three times a year, you can stagger your free credit reports throughout the year. How much do credit reports cost? So you are looking at roughly$ 90 a year to keep tabs on your credit.

Depending on the bureau, you can be charged up to$ 150 for your credit report. Remember. You will also NOT be supplied a credit score along with your free reports. These fees do not include your credit score. If you want to know your credit score, you can request it but it will cost you about$ 5 to$ Ninety dollars a year may sound steep, but not knowing could be costing you much more. You could be overpaying thousands of dollars in interest payments each year because of something on your credit report that you do not know about.